Transcription of Florida Property Insurers – Financial Stability Ratings ...
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Florida Property Insurers – Financial Stability Ratings ...
Florida Property Insurers Financial Stability Ratings Update Columbus, Ohio, February 9, 2018 Hurricane Irma and severe weather were the natural catastrophes that hammered the Sunshine State during 2017. The Judiciary created a procedural onslaught by issuing decisions that revised established claims procedures, processes, and protocols that had been in place in Florida and countrywide for decades. Landers v. State Farm Florida Ins. Co. was the first such decision of 2018. Although Insurers can purchase catastrophe reinsurance to protect them from natural disasters, when dislocations of existing claims procedures, processes, and protocols occur, internal administrative revisions must be implemented. Similarly, regulatory and/or legislative responses should be thoughtfully considered to restore the previous status quo or facilitate the orderly revision of the new standards established by the Judiciary.
2 www.demotech.com 2715 Tuller Parkway Dublin, Ohio 43017-2310 Tel: 614 761-8602 800 354-7207 Fax: 614 761-0906 Gulfstream Property and Casualty Insurance Company A Heritage Property & Casualty Insurance Company A
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